Tax question - please help.
My husband and I run a small bus as partners- fed form 1065.
In addition, we have a small revocable family trust (for the
children). We made the trust a partner too in the bus. The trust uses
my SS#. (Our children are all minors)
So we have 3 partners - my husband, myself and the trust.
Have I done the right thing ? The trust and I have the same social
security number.
Is this in correct ? Since the trust has no social security #, it has
to use mine or my husbands.
Does this create complication for reporting taxes to the IRS ?
Will the IRS be ok with this ? Can they object to it ?
Because my income and my husbands will be active. However, the income
of the trust will be passive.
Pls let me know.
Thanks in advance for any help you can give me.
Thanks,
R
Archived from group: us>taxes